Questions Mount Over Virtus Minerals Congo Track Record

Key Moments

Virtus bought Chemaf’s mines for $30 million in March, marking the first physical investment under the U.S.-DRC strategic minerals partnership signed last year.
Documents, court records, and multiple sources indicate Virtus did not acquire or operate the long-idle Likasi copper-cobalt processing plant cited in its Congo track record.
A $2 million USAID grant to ROK Metals was suspended in August 2024 after questions arose over ownership of the Likasi plant, and no funds were disbursed before USAID was dismantled in July 2025.

U.S.-Backed Player in Congo Faces Scrutiny

DAKAR, April 21 (Reuters) – A U.S. company positioned at the center of the Trump administration’s efforts to lock in access to critical minerals from Congo has overstated its mining credentials, according to a Reuters review of documents and interviews with sources.

Virtus, which in March acquired Chemaf’s mines for $30 million from the miner’s shareholders, presented itself on its website as having a proven track record in Congo, citing the operation of a copper and cobalt processing facility.

However, a Reuters examination of company documents, court filings tied to a disputed sale of that facility, and information from five individuals with direct knowledge of the situation indicates that Virtus never purchased the plant and that it has remained idle since 2012.

The acquisition of Chemaf’s assets is the first on-the-ground investment arising from the U.S.-DRC (Democratic Republic of Congo) strategic minerals partnership concluded last year.

Under that framework, Washington agreed to help Congo draw U.S. capital into its mining industry in return for preferential access to key minerals, as part of a broader effort to counter China’s longstanding dominance in Congo’s mining sector.

A senior Congolese official involved in the approval process said the security background of Virtus’ top executives influenced Kinshasa’s decision, at a time when Washington has been involved in mediating peace efforts between Congo and neighboring Rwanda.

Virtus declined to provide an on-the-record response regarding the scope of its mining-sector experience for this article.

The DRC’s mines ministry and state-owned miner Gécamines – which holds the lease to Chemaf’s deposits – did not respond to questions about Virtus’ previous activities in Congo and how the company presented its qualifications.

U.S. Government Support and Governance Concerns

The U.S. State Department said it “fully supports” Virtus Minerals’ efforts to acquire and develop the Congolese assets.

“This acquisition will serve as an initial flagship U.S. investment in the DRC, to showcase that the U.S. private sector interest is real and will catalyze further investment,” a spokesperson said.

The spokesperson did not address questions about whether the security profiles of Virtus executives played a role in Congo’s decision-making process, or whether the transaction is accompanied by any U.S. security guarantees.

One specialist said Virtus’ limited mining experience raises broader questions about how the U.S.-DRC partnership is being implemented and whether adequate vetting is taking place.

“It is essential that the DRC government satisfies itself that Virtus has the necessary technical, financial and operational capacity,” said Jean-Pierre Okenda, executive director of Sentinel of Natural Resources, an NGO promoting good governance and transparency in the mining sector.

Congo accounts for more than 70% of global cobalt supply, a crucial input for electric vehicle batteries, and also hosts substantial copper and lithium reserves.

Claims About Congo Operations Under the Microscope

On Virtus Minerals’ website in April 2025, the biography of chief executive Phil Braun stated that he “has established and operates the only American-owned copper and cobalt mining and processing company in the DRC through the subsidiary ROK Metals.”

Reuters found that ROK Metals – Virtus’ only clearly identifiable operating vehicle in Congo – did not in fact purchase the long-idle copper-cobalt processing facility it sought to acquire in Likasi, in southeastern Haut-Katanga province.

Virtus is led by Braun, a U.S. Army Green Beret veteran, and Andrew Powch, a former U.S. Navy officer. Braun did not respond to a request for comment, and Powch declined to provide on-the-record comment on the findings outlined in this article.

Earlier Efforts Through Virtus Capital and Operations

Before the Chemaf deal, Virtus’ founders were active in Congo through an entity called Virtus Capital and Operations (VCO).

Until mid-March, VCO’s website highlighted just one example of its activity: the Congolese firm ROK Metals. The reference to ROK Metals was taken down in mid-March, days after Reuters approached Virtus seeking comment.

ROK Metals had attempted to purchase the Likasi copper-cobalt plant, which has been dormant since 2012 after its owner encountered financial difficulties.

Unfinished Sale of the Likasi Processing Plant

A May 2024 order from the Likasi tribunal – the civil court overseeing the sale of the facility – shows the plant still had not changed hands by that date. According to the order, repeated sale attempts were postponed or canceled because bidders did not pay the full amount required.

A senior judicial source told Reuters the facility remains under the ownership of its original proprietor, CAM Resources, and has never resumed operations.

A lawyer who previously represented CAM Resources said he was no longer in touch with the company and believed its principals had left the country.

State-owned lender Sofide, the only privileged creditor of CAM Resources seeking repayment through a potential sale of the plant, told Reuters that the site has not been sold and remains inactive.

Entity	Role in Likasi Plant	Status as Described
CAM Resources	Original owner of the Likasi copper-cobalt plant	Still listed as owner; plant idle since 2012
ROK Metals	Attempted buyer of the Likasi plant	Did not complete purchase of the facility
Sofide	State-owned lender and privileged creditor	Seeking repayment via potential sale; says plant unsold and inactive

ROK Metals’ Portrayal of Activities vs. Reality

Despite the unresolved ownership of the Likasi asset and its continued inactivity, Virtus and ROK Metals persisted in presenting the site as an existing operational platform.

ROK Metals’ website still characterizes the business as “actively developing a copper/cobalt leaching beneficiation plant in Likasi, which is set to yield high-grade copper cathode production in the latter half of 2023.”

USAID Grant Awarded, Then Suspended

In June 2024, the U.S. foreign aid agency USAID announced it had approved a $2 million grant to ROK Metals to boost production. A USAID press release described ROK Metals as “a Congolese copper cathode processing plant in Likasi that has U.S. private sector investment.”

A document reviewed by Reuters shows that the grant was suspended in August 2024. The document did not specify why the decision was taken, but it said reinstatement would require ROK Metals to furnish proof that it had acquired the Likasi plant.

A source with direct knowledge of the situation said the suspension followed USAID’s discovery that ROK Metals did not own the facility, contrary to prior representations made by its principals to the program.

The U.S. State Department, which now handles press inquiries for the dismantled USAID, did not respond to questions about the agency’s interactions with ROK Metals.

Correspondence reviewed by Reuters shows that five months after the suspension, Braun was still updating USAID officials on attempts to finalize the purchase of the plant.

The same source said that no USAID money was ultimately disbursed because ROK Metals had not secured ownership of the plant by the time USAID was dismantled in July 2025.